Financial Audit: Savings Association Insurance Fund's 1991 and 1990 Financial Statements
AFMD-92-72
Published: Jun 30, 1992. Publicly Released: Jun 30, 1992.
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Highlights
GAO reviewed the Savings Association Insurance Fund's (SAIF): (1) financial statements for the years ended December 31, 1991, and 1990; and (2) internal control structure and compliance with applicable laws and regulations.
Recommendations
Recommendations for Executive Action
| Agency Affected | Recommendation | Status |
|---|---|---|
| Federal Deposit Insurance Corporation | The Chairman, FDIC, should direct the Director, Division of Accounting and Corporate Services, to develop and implement procedures for performing an in-depth analysis of small Oakar banks, to ensure that FDIC accurately estimates potential insurance losses for SAIF. |
Closed – Implemented
FDIC's Division of Finance (DOF) has developed procedures to analyze small Oakar banks by comparing all insured Oakar banks, large and small, to those banks identified by DOF as more likely than not to fail each calendar quarter. These procedures were implemented during calendar year 1992.
|
| Federal Deposit Insurance Corporation | The Chairman, FDIC, should direct FDIC division and office heads to enforce the policies and procedures documented in the FDIC Time and Attendance Reporting Directive to ensure that employees' time charges are valid and that payroll expenses are charged to the correct fund. |
Closed – Implemented
During 1993, FDIC issued improved time and attendance reporting procedures and issued related additional guidance. However, GAO's financial audits found that these required procedures and guidance were not always followed, resulting in deficiencies similar to those previously identified. GAO issued a revised recommendation in its 1993 audit report (GAO/AIMD-94-135) to correct this weakness.
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Topics
Attendance recordsBank failuresBudgetary reservesCorporate auditsFinancial recordsFinancial statement auditsFunds managementFuture budget projectionsInsured commercial banksInternal controlsSavings and loan associations